EX-12.2 4 dex122.txt HECO COMPUTATION OF RATIO OF EARNINGS. HECO Exhibit 12.2 ----------------- Hawaiian Electric Company, Inc. and subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited)
Six months ended June 30 2001 2000 ------------------------------------------------------------------------------------------------------------------ (dollars in thousands) Fixed charges Total interest charges.......................................................... $ 24,451 $ 24,351 Interest component of rentals................................................... 351 371 Pretax preferred stock dividend requirements of subsidiaries.................... 719 721 Preferred securities distributions of trust subsidiaries........................ 3,838 3,838 ------------------------------------------------------------------------------------------------------------------ Total fixed charges............................................................. $ 29,359 $ 29,281 ================================================================================================================== Earnings Income before preferred stock dividends of HECO................................. $ 44,681 $ 48,279 Income taxes (see note below)................................................... 28,017 30,330 Fixed charges, as shown......................................................... 29,359 29,281 AFUDC for borrowed funds........................................................ (1,187) (1,413) ------------------------------------------------------------------------------------------------------------------ Earnings available for fixed charges............................................ $100,870 $106,477 ================================================================================================================== Ratio of earnings to fixed charges.............................................. 3.44 3.64 ================================================================================================================== Note: Income taxes is comprised of the following Income tax expense relating to operating income for regulatory purposes...... $ 27,966 $ 30,394 Income tax expense (benefit) relating to nonoperating results................ 51 (64) ------------------------------------------------------------------------------------------------------------------ $ 28,017 $ 30,330 ==================================================================================================================